Gold technical analysis: Bulls leaning on 1500 psychological support

• Bears eye a 50% mean reversion of the early July swing lows to recent highs around 1470.
• Bulls can look back to the 1535 resistance with the 1550 level insight.

We have been seeing failures at critical upside levels but the 1500 psychological support is so far holding up. Should this give out, then bears will target a 50% mean reversion of the early July swing lows to recent highs around 1470.

Should bears take full control, the next significant target will be down at the 19th July swing highs down at 1,452.93. On the upside, however, and should frisk-off fundamentals play havoc on markets again, bulls can look back to the 1535 resistance with the 1,550 level insight, which guards territories towards 1,590 as the 127.2% Fibo target.

Gold daily chart